Puerto Rico to Combat Corruption with Blockchain, Says Government Official

Rafael “Tatito” Hernandez, Speaker of the Puerto Rico House of Representatives, said that the growing blockchain industry could increase transparency and accountability in the public sector. He expressed hope that his country could be one of the top cryptocurrency centers in the world.

Puerto Rico aims to become a crypto hub

Puerto Rico, a Caribbean island but an unincorporated territory of America, is one of most corrupt countries on the planet. A large portion of the population lives below the poverty line. Extortion is not just common among the general population, but also at higher levels.

The mayor of Catano, Italy, pleaded guilty to taking over $100,000 in bribes in return for millions of municipal contracts.

Rafael “Tatito,” Hernandez, a Bloomberg interviewer, stated that he would meet with experts in the blockchain sector to discuss the creation of “smart contract” and said that transparency could help improve Puerto Rico’s financial system and reduce corruption.

“We have a serious credibility problem. This could be part of the solution.

Hernandez said that these meetings are part of a larger mission to make Puerto Rico a center for blockchain innovation and digital assets. Recent residents have been attracted to the state by the low taxes and the fact that trading in bitcoin and other altcoins does not fall under taxation.

Hernandez believes that the cryptocurrency industry should be embraced by locals as it could create new job opportunities and provide better living conditions.

“Back in the 60s & 70s, manufacturing was a niche. This new niche is an opportunity to create new jobs.

Rafael “Tatito” Hernandez, Source: Alchetron.com

Cuba tried the same maneuver

Cuba, a Caribbean island, announced earlier this year that it would be investigating crypto adoption to help overcome financial turmoil in the country.

President Miguel Diaz Canel promised to “keep informing the public” any developments regarding the matter. Cuba’s leader, however, alerted the public to the ongoing crypto-scams on the island and called them “investment pyramid schemes”.

In 2019, Cuban authorities made an identical announcement about how cryptocurrency could be used to address its monetary problems. The Minister of Economy and Planning stated:

“We are looking into the use of cryptocurrency in commercial transactions, both national and international. This type of measure can help us move forward. It is important to find alternative solutions to economic problems.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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